Commerzbank Logs Profit Rise At Private Customer Segment In H1; Group Profit Falls

Tom Burroughes

2 August 2016

, Germany’s second largest bank, today reported an operating profit of €371 million ($414.9 million) at its private customers segment in the first half of 2016, a year-on-year increase of 13 per cent.

For the second quarter, the segment reported an operating profit of €180 million, up from €169 million a year ago.

Revenues before loan loss provisions remained steady at €1.869 billion (first half of 2015: €1.875 million). This result includes a positive one-off effect of €58 million from the sale of Visa Europe shares in the second quarter.

For the banking group as a whole, Commerzbank logged operating profit in H1 2016 of €615 million, falling from €1.089 billion a year ago. Revenues before loan loss provisions fell to €4.545 billion from €5.221 billion a year ago. Negative interest rates and customer caution amid difficult market conditions hit results, it said.